“The cyclical bottom is here, with all eyes on whether organic demand will pick up amid gathering policy momentum,” Citi economists led by Xiangrong Yu said in a note published on Wednesday.

Citi notes China’s rebounding factory activity and said it expects retail sales to improve and industrial production to hold steady despite a higher base.

The Wall Street brokerage cut its forecast for China’s full-year growth to 4.7% in August on disappointment over Beijing’s policy support until then and especially as worries about contagion from a crisis in the country’s property sector rose.

“Since end-August, policy momentum exceeded expectations clearly, with mortgage repricing and property easing in Tier-1 cities,” they said, also citing a cut in personal income tax.

Beijing is also targeting 5% growth for the year.